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To calculate a flat interest rate, use the following formula: Interest = Principal x Rate x Time. Principal is the initial amount of the loan or deposit, Rate is the percentage of interest expressed as a decimal, and Time is the length of the loan or deposit in years. For example, if you have a $1000 loan with a 5% interest rate for 2 years, the interest would be $100 ($1000 x 0.05 x 2).
The effects of interest rates are often not directly felt but play out over a long time as valuations of real-estate and other assets adjust.
At Horizon65, we created a mobile app that enabled you to check the effect of high interest rates on your savings and to simulate potential investments that can defend against it.